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With the European Union's third largest economy now on a course to leave the bloc, policymakers are already scrambling to limit the fallout from Brexit.

There is likely to be a coordinated response from the world’s largest central banks to provide liquidity in an attempt to soothe volatile financial markets.

Grant Lewis, head of research at Daiwa Capital Markets, said: “The focus for policymakers is to calm market fears and try and mitigate the impact on the economy.”

The Bank of England has already released a statement, reaffirming that “it has undertaken extensive contingency planning and is working closely with HM Treasury, other domestic authorities and overseas central banks”.